MicroCapClub

MicroCapClub
  • 4.8 (16)
  • Investing

MicroCapClub is an exclusive forum for experienced microcap investors focused on microcap companies (sub $500m market cap) trading on United States, Canadian, European, and Australian markets. MicroCapClub was created to be a platform for experienced microcap investors to share and discuss stock ideas. Since 2011, our members have profiled 900+ microcap companies. Investors can join our community by applying to become a member or subscribing to gain instant view only access. MicroCapClub’s mission is to foster the highest quality microcap investor Community.

  1. 2d ago

    WidePoint Corporation (WYY): Securing the Government

    In this Business Breakdown, David Barbato, Sergio Heiber, and Lindsay Leeds sit down with WidePoint Corporation’s (WYY) CEO Jin Kang and COO Todd Dzyak. The company was originally profiled by Sergio Heiber on April 13, 2025, at $2.82 USD per share.  This discussion took place live on August 26th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join  Jin Kang is CEO of WidePoint Corporation (WYY), a mobility-as-a-service company that secures, manages, and monitors mobile technology assets for federal agencies and large enterprises, delivered under a SaaS model. He joined WidePoint in 2008 when it acquired the company he founded, and took over as CEO in 2017. He is joined by COO Todd Dzyak. In this business breakdown, Jin and Todd walk through the company's near-term catalysts: a roughly $50 million five-year SaaS contract with one of the three major U.S. wireless carriers, the 10-year $3.1 billion DHS CWMS 3.0 award currently sitting in a GAO protest, and prime positions on NASA SEWP VI and Navy Spiral 4. They explain how the protest process works and what happens in each outcome, why FedRAMP authorization on the ITMS platform matters competitively, and how WidePoint's PKI-based credential on a smartphone differs from Okta and standard app-based two-factor authentication. The conversation also covers federal contract pricing and margins, what actually decides a competitive award, the sales cycle for both government and commercial customers, and why the company is holding a net cash position while self-funding growth. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Introduction 01:49 Jin Kang and Todd Dzyak backgrounds 04:17 Presentation begins 05:10 What WidePoint does: mobility as a service 06:10 Financial snapshot and valuation 07:05 Catalyst 1: the ATV carrier contract 07:35 Catalyst 2: the $3.1B DHS contract and protest 08:10 Catalyst 3: device as a service with CDW 09:00 NASA SEWP and addressable market 09:50 Core competencies and differentiators 11:15 FedRAMP authorization and why it matters 12:40 Mobile Anchor and the 365 Analyzer 14:05 Identity and access management: DoD-grade MFA on smartphones 15:30 Contract vehicles and strategic partners 17:50 Financial results and trends 18:45 Growth strategy 20:41 Q&A: moving into the commercial market, and how they differ from Okta 24:18 DHS 3.0: revenue mix, headcount, and economics 28:35 Pass-through revenue assumptions 29:46 The GAO protest timeline and the 100-day clock 31:34 Replacing the CRO and building the commercial sales team 35:04 International presence, Ireland, and the CSG relationship 37:01 What happens if the protest is upheld 40:30 What DHS is and how protests are decided 43:01 Sales cycles: government vs. commercial 46:27 How their authentication differs from Google and Microsoft 48:42 On-device key generation vs. keys sent over the air 51:30 The biggest bottlenecks to faster growth 54:02 Pricing, margins, and annual increases 56:16 What wins a competitive contract 57:56 Opportunities in other federal departments 59:48 Net cash position and capital allocation Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing.

  2. Aug 24

    Club Conversation with Joe Kaye, Small Niches, Big Returns

    Joe Kaye is a former actuary who now runs a concentrated separately managed account and is preparing to launch a standalone fund. Since 2023, he's compounded client capital at close to 40% a year, holding ten positions or fewer, filtered for low valuation, low debt, and a strong position in a niche market. This discussion took place live on July 17th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join  In this episode, Joe explains why he moved away from special situations investing toward high-quality, low-leverage businesses, and walks through two case studies: a semiconductor-testing microcap on the Tel Aviv Stock Exchange that became his best trade, and Atento, a Brazilian BPO company whose currency hedge and a cyber attack turned it into his worst. He also talks about how he manages FOMO and confirmation bias in his process. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Introduction and Joe's background 02:26 Transition from actuary to investing 05:21 Evolving investment strategies 08:39 Shift towards high-quality, low-leverage businesses 14:01 Managing client funds and fund structures in the UK 18:20 Concentrated portfolio and risk management 20:34 Investment philosophy and key criteria 29:28 Finding the 'Holy Grail' investments 43:03 Case study: Semiconductor business in Israel 52:36 A significant failure and lessons learned 01:05:55 The role of spirituality and yoga in investing Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

  3. Aug 21

    LibertyStream Infrastructure (LIB.V/VLTLF): Inside the US Lithium Tech Disruption

    In this Business Breakdown, David Barbato and Joel Kirkpatrick sit down with LibertyStream Infrastructure’s (LIB.V/VLTLF) CEO Alex Wylie. The company was originally profiled by John LaGourgue on October 14, 2025, at $0.40 CAD per share. This discussion took place live on August 20, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join Alex Wylie is the CEO of LibertyStream Infrastructure (LIB.V/VLTLF), which extracts lithium from oilfield brine in the Permian Basin. He spent 25 years in oil and gas before starting the company in 2021 and has taken it from lab work through six generations of field equipment to a signed offtake agreement with a U.S. industrial customer. Alex walks through the three steps behind the business, pretreatment, extraction, and refining, and why the Permian's existing water infrastructure, roughly 20 million barrels a day, makes low-grade brine a workable feedstock. He discusses the Freedom One facility being built with Select Water Solutions and the plan to reach commercial production in 2027, why he frames the build-out as multiplication rather than scaling, and the company's S-1 filing and move to a U.S. exchange. He also addresses dilution, how the build-out gets financed, and what shareholders should watch for over the next six to twelve months. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Intro 01:53 Beaker to Field 14:15 The S-1 Filing 17:14 IPO, Capital & Dilution 19:05 Freedom One Timeline 20:50 Scaling vs. Multiplying 23:10 24-Hour Runs 24:35 Select's New Mexico Push 27:32 Other Water Partners 29:09 Unit Cadence & Demand 31:49 Building in Parallel 32:53 How Offtakes Get Done 35:35 Funding the Build-Out 38:10 Next 6-12 Months 41:47 The Extra 400 Tons 44:33 Existing Shareholders 45:43 Customer Prepayments 47:02 Returns & Leverage 48:52 Hiring in West Texas 49:55 Why Not Build Bigger 51:34 Green-Lighting Units 2, 3, 4 53:48 North Dakota 54:46 Staying the Leader 56:20 Board Changes Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

  4. Aug 17

    Update with Kelly Partners Group (KPG.AX/KPGHF): The Buy and Build Leaders in Accounting Services

    In this Business Breakdown, David Barbato sits down with Kelly Partners Group’s (KPG.AX/KPGHF) CEO Brett Kelly. The company was originally profiled by Adrián Hernández on April 7, 2021, at $2.01 AUD per share. This discussion took place live on August 12th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join Brett Kelly is the founder and CEO of Kelly+Partners Group Holdings (KPG.AX/KPGHF), the accounting group he started in 2006 and listed in 2017. It now runs 42 businesses with around 100 partners under its partner-owner-driver model, and has grown revenue from $30 million at IPO to a run rate of roughly $165 million. In this episode, Brett explains why he sees AI as an enabler for accounting firms rather than a threat, and why he has stopped publishing the group's playbook. He walks through how a list of everything he and three partners disliked about the firms they had worked in became a 204-point implementation checklist, and why leadership quality decides whether it ever gets used. He also addresses the margin loan he took during a family emergency this year and the 50% share price fall that cost him 14% of his shareholding, along with what comes next: acquiring multi-office firms, a listing outside Australia, and a Constellation-style long-dated debt structure. Share your feedback - david@microcapclub.com David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 – Intro 01:37 – Twenty years in 02:11 – AI as part of the ecosystem, not the whole ecosystem 05:05 – Why they won't publish the playbook 06:42 – The 30–50% of accounting work nobody ever paid for 09:41 – Leadership is the X factor, not cost cutting 12:44 – Humility as the trait that lets people keep learning 14:25 – The 204-point checklist and the "shit list" that built it 21:25 – Why professional services firms can't keep people 22:46 – Being a doctor for numbers 23:53 – What makes a partnership work: progress 27:03 – Win-win, lose-lose 28:53 – Incentives, disincentives, and personal values 30:39 – The margin call: what actually happened 39:17 – Valuation, shareholders, and why there's no buyback 42:18 – The case for staying public 43:33 – The next move: acquiring whole groups 44:26 – The US listing and a Constellation-style debenture 46:29 – The ten-year vision: Berkshire, LVMH, Constellation 51:48 – How you build a brand in a "boring" industry 53:48 – Select people who like people 55:18 – Taking the model into other professions 57:51 – Why he became an accountant

  5. Aug 16

    Club Conversation with Leland Roach, Hidden Value in $MAYS, $BUKS, and $EVC

    This discussion took place live on July 22nd, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join Leland Roach writes The Value Road on Substack, where he covers nano and micro-cap value stocks he finds by screening OTC Markets for hidden asset value and near-term catalysts. He walks through his process for working down a list of OTC filings, a real estate play in J.W. Mays' Brooklyn office building, and the turnaround underway at broadcaster-turned-digital-advertiser Entravision as it grows its Smadex platform. He also covers Butler National's unusual mix of aerospace manufacturing and casino gaming, and lessons learned from past mistakes at CarParts.com and RCI Hospitality's Rick's Cabaret chain. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Intro 01:30 From the factory floor to full-time investing 04:54 Screening OTC markets from A to Z 08:01 Why catalysts decide which stock he buys 09:26 Spotting a catalyst before the market does 11:41 What writing a Substack does to your investing 14:25 Readers, feedback, and expectations 16:38 JW Mays (MAYS): a Brooklyn building worth more than the company 18:31 The risks in an asset-sale thesis 20:46 When he sells 21:55 Taxes versus taking the profit 25:36 Butler National (BUKS): miniguns, Cessna doors, and a casino 29:45 RCI Hospitality (RICK): a cash-rich melting ice cube 31:22 Entravision (EVC): broadcasting deregulation and Smadex 34:27 The one customer that could break the EVC thesis 37:20 Mistakes: RCI and CarParts.com (PRTS) 38:52 Advice for new investors: read, then be patient Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

  6. Aug 10

    Teqnion AB (TEQ.ST): Inside a Nordic Serial Acquirer

    In this Business Breakdown, David Barbato sits down with Teqnion's (TEQ.ST) CXO, Daniel Zhang. Daniel Zhang is CXO at Teqnion, a Swedish serial acquirer of niche industrial businesses. He joined in 2020 after five years at Bain and now runs the company's M&A, speaking with three to five business owners a week. In this episode, Daniel explains why Teqnion buys physical product companies rather than service businesses, how it pays around five times EBIT when the market pays closer to eight, and what the China sourcing office he set up has done to costs across the group. He also covers the operational problems that hit roughly ten subsidiaries, where that turnaround stands now, and how Teqnion's bonus structure penalizes managers when earnings fall. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Introduction 01:55 What makes Daniel tick 04:56 Finding Teqnion as a shareholder and joining Johan Steene 06:57 From a placeholder title to running M&A 10:30 Bain vs. Teqnion: strategy versus implementation 12:44 Why niche physical products over services 15:11 The ideal company: mission-critical components with service attached 17:53 Building the China sourcing office 21:38 What Teqnion actually sources from China 23:15 Winning over subsidiary CEOs and the savings realized so far 26:19 Could Teqnion acquire in China? 28:52 Buying from owners who are ready to retire 30:31 Why sellers accept less than the highest bid 33:47 Walking away on price 35:06 Funding acquisitions and the leverage target 37:01 Why subsidiaries carry no debt, unlike private equity 40:02 Deal sourcing: cold calls, brokers, and direct outreach 42:54 Where Teqnion's returns have come from 45:33 How serial acquirers fail 50:13 Where the turnaround stands now 53:18 Rising margins and what Teqnion buys next 55:40 The board's role and the mandate that unlocked M&A 58:09 Inside the incentive structure, including negative bonuses 1:01:47 CEO days, clusters, and sharing best practices Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

  7. Aug 3

    Club Conversation with Deiya and Dean Pernas, 30% Net CAGR Since 2017

    This discussion took place live on July 1st, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join  Deiya Pernas, CFA, and Dean Pernas are co-founders of Pernas Research, an independent equity research firm whose audited returns have compounded at more than 30% annually since 2017. Deiya previously served as Deputy CIO at The Bahnsen Group, while Dean left a career in chemical engineering in 2020 to invest full-time. In this episode, they discuss why they built an audited, buy-side research model instead of following the sell-side approach, how they structure a concentrated portfolio using core, starter, and speculative position sizing, and how they think about holding cash in an expensive market. They also walk through two case studies: a contrarian long in Xometry that returned 764%, and a failed investment in sim-racing company Endor, which went bankrupt despite a pandemic-driven demand surge. The conversation closes with the rule they use to manage the risk of averaging down. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Introduction and guest background 01:31 How the firm was founded and the Pernas brothers' backgrounds 03:14 The buy-side research model and its advantages 04:28 Why they chose to audit their track record 05:35 Dean's background in chemical engineering and investing 07:05 Sources of investment ideas and workflow 10:06 Team collaboration and decision-making process 12:08 Ownership and decision autonomy in trading 13:26 Portfolio structure and risk management 16:01 Communication, transparency, and performance impact 18:01 Market overreactions, AI opportunities, and sector insights 25:03 Favorite themes and recent successes 46:08 Lessons from failures and risk management 54:03 Position sizing, averaging down, and exit strategies 01:01:00 Managing ground-level research and expert calls 01:05:06 Final thoughts on market opportunities and risk Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

  8. Jul 29

    It Checks All the Boxes, Except the One that Matters

    In this episode, Ian Cassel talks about how even companies that check all the boxes can still go wrong. You can also read it as an article here: ⁠https://microcapclub.com/newsletter/⁠  MicroCapClub is an exclusive forum for experienced microcap investors to share and discuss microcap companies (sub $1 billion market cap) trading on global markets. Since 2011, our members have profiled 1400+ microcap companies, 300+ have turned into multi-baggers. Investors can join our community by applying to become a member or subscribing to gain instant access. For more information, visit ⁠https://microcapclub.com/⁠  Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

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4.8
out of 5
16 Ratings

About

MicroCapClub is an exclusive forum for experienced microcap investors focused on microcap companies (sub $500m market cap) trading on United States, Canadian, European, and Australian markets. MicroCapClub was created to be a platform for experienced microcap investors to share and discuss stock ideas. Since 2011, our members have profiled 900+ microcap companies. Investors can join our community by applying to become a member or subscribing to gain instant view only access. MicroCapClub’s mission is to foster the highest quality microcap investor Community.

Information

  • Creator
    MicroCapClub
  • Years Active
    2024 - 2026
  • Episodes
    121
  • Rating
    Explicit
  • Copyright
    © MicroCapClub
  • Show Website
    MicroCapClub

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